A Crypto Reinforcement in Iran? License to be Required For Exchanges to Operate.

Crypto Reinforcement in Iran

A Crypto Reinforcement in Iran? License to be Required For Exchanges to Operate.

Since 2017, the government has issued licenses to over 1,000 cryptocurrency miners, and one of the latest being a Bitcoin mining farm with a capacity of 6,000 miners.

However, the Iranian lawmakers have recently decided to put a curb on cryptocurrency exchanges operation in the country, by enforcing a new law to prevent “Currency smuggling”.

Cryptocurrency exchanges would then have to obtain a license from the country’s central bank in order to operate and obey the current guideline for foreign currency exchanges.

Image source: Steven Su, Unsplash

The biggest issue for Iran’s blockchain economy would be its effect on the digital currency businesses. How will they be carrying out their business in the future with the additional traditions designed for traditional finances along with the process of registration?

This could be a crucial event for the country’s digital expansion as any violation of the proposed law would land the business operators in jail along with a heavy fine.

Read more: Roger Ver explores: BCH Soaring to $1K, resulted by halving

Due to the rising popularity of cryptocurrency mining due to the country’s low electricity costs. It is reported that most of Iran’s crypto exchanges had registered its businesses outside of Iran. Thus the reinforcement plans are still unclear.

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